According to DelMarVaNow.com, Accomack County will be setting aside some additional money for its rainy day fund.

This is good news for homeowners because sometimes when counties are strapped for funds, they look to increase property taxes to cover the deficient. Having a healthy rainy day fund can help protect homeowners in the future.

"Accomack County officials voted to set aside an additional $720,000 for the county’s rainy day fund in an attempt to bring that reserve up to a recommended 8 percent of revenue by 2016, two years earlier than the previous target date.

The county finished fiscal year 2009 with an undesignated fund balance of $1.4 million, which normally would be used for one-time expenditures this year.

But Finance Director Mike Mason recommended using part of the amount to boost the county’s reserves after it experienced a cash flow problem last year and its rainy day fund dropped to only 1.8 percent of general and school fund revenue.

The measure will put the reserve above 3 percent, higher than any time in the previous five years."

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